Growing Pains in Wealth Management and Private Banking
Can you grow clients and assets without affecting service?
These days, it’s common to hear wealth managers express optimism at increases in net new clients and assets under management, while at the same moment convey anxiety that client service levels may suffer as a result. Many banking and securities firms are investing in their wealth management divisions – and the race to capture wealth management market share is competitive. The upside to winning the race is balanced by the risk that this growth may negatively impact client service.
Wealth management is an extremely service-intensive business – one where client service is a must-have. There are several important facets that contribute to service quality and work together to create the “client experience” – the coordinated delivery of an organization’s brand promise through each interaction with its clients. To reduce the potential of growth negatively impacting service, wealth managers should focus on four elements, including growth impact analysis, stand-in capabilities, critical-to-service metrics, and the role of the chief service officer.